Fell below the 100 MDA mid week and took a play based on a group due to the history of AMZN on the week of Thanksgiving.
If we can get back above the 100 DMA we should see some continuation as its been chop for weeks. recent news on November 17th about amzn selling prescriptions really did nothing positive for the share price.
3131 is the .618 retracement 3212 is the .50 retracement
Hopeful we get above the 3131 area and test the 3212.
Unfortunately despite my long position there isnt anything aside from the hopes of repeating histrory that indicates we are going to move up before a little more down side. Granted that isnt what I want to say, or see however its what I believe to be true. Monday morning will show its cards soon.
Agreed on many fronts. I think the one outlier is the stimulus and the belief that the lockdowns with the stimulus created the record profits. personally I don't think the stimulus makes a difference whether people are spending an on Amazon. I think they are shopping on Amazon no matter what. If it doesn't break out before December 11th that could be a pivotal day. I too hold some long positions so some of it is hope. If it performs poorly this week I will start to get worried.
SamSzulc
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The more distance from today's low 3065.46 (last 3089) the more credence I give to a Wave E bottom and a thrust up in process. Coming above today's high 3139.745 will be confirmation of a thrust but don't expect it to happen today. Now is the time to block out market noise of false correlations.
SamSzulc
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Aside from all the minutia that clutters the mind, could very well be Wave E of a triangle at today's low implying a thrust higher in the day's,weeks, months to come.
JackFrosted
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I agree entirely.
The BULLISH case is that the stock has been consolidating - or "coiling" - ahead of a big move, presumably upward. The catalyst might be Black Friday, and the stock should "soar" to about $3300. Also, the fundamentals are strong. Don't forget, bulls say, the company guided above consensus for the current quarter and no company its size is growing as fast, none. Other than the "basing" argument, I'm very hard pressed to find reason to be bullish, and I've looked hard.
The BEARISH case is simple: The Big Tech trade has been moribund since its August highs. The hydraulic pressure of call buying is gone. Market sentiment has moved decisively toward smaller cap stocks, cyclicals, and value stocks. It's better to get in industrials, materials, and even the dumpster trade (big banks, energy, airlines, cruise lines, etc.) than tech. Furthermore, Big Tech is in liquidation because under a Biden Admin cap gains rates will go up, if the Dems take the Senate.
The upticks in AMZN have been smaller and shorter-lived in each successive iteration. The Amazon RX pop of ~$75 was quickly erased. This morning's move was half the RX move and lasted 30 minutes. Option positioning is still bearish - selling calls, buying puts, persistently negative deltas in the aggregate. The technicals are lifeless. There is no conviction other than persistent selling on any gains.